World crude oil price rises to 5-week high

Crude oil price information in the world – After OPEC + announced to cut oil production. Brent oil price spiked, up to nearly $100 a barrel.

This morning, the price of Brent oil rose to $98.75 a barrel, the highest price since August 30, 2022. Along with that, the price of US crude oil WTI also increased to 93.48 USD.

The prices of these two oils both increased, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to reduce production by 2 million barrels a day from November.

This decision was made on the eve of the European Union’s (EU) ban on Russian oil imports that came into effect in early December 2022.

OPEC + is expected to tighten oil supply even more, last week, Brent and WTI recorded the strongest weekly price increases since March.

This afternoon, the price of these two oils fell slightly, because investors sold to take profit. Brent is now down 0.9% to $97.04 a barrel. WTI fell 0.84% ​​to $91.86.

Oil prices are forecast to continue to rise in the next few months, possibly above $100 a barrel.

China’s easing of the anti-epidemic blockade is also the reason that can pull up oil demand.

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